With all the gloom in the global economy, I got to wondering whether there is anything else going on in the world of business. I'm looking for growth because I think that's what will ultimately bring the economy out of the doldrums. Not surprisingly, that growth is coming from technology companies. In Growth Matters, I look at consumer technology companies that point the way to growth trends -- and in the process introduce services and products you may want to explore.
If you watch TV shows and wish you could buy the clothes your favorite actress is wearing, you'd be a fan of Coolspotters. I interviewed Aaron LaBerge, who is CEO of Fantzer, the company behind Coolspotters, and he said, "Coolspotters is a Web application that allows fans of celebrity and pop-culture to discover and buy the fashions, brands, and products being used by their favorite actors, musicians, athletes, and public figures -- in real life, and in movies and television. The platform also allows knowledgeable fans to share what they know about today's hottest products, brands, celebrities, and entertainment."
That concept has led to some pretty rapid growth. As LaBerge explained, "The Coolspotters platform gives entertainment lovers a true 360-degree view of whatever they're passionate about. As a result, we've been lucky enough to see our usage go from about 30,000 monthly unique users our first month (May 2008) to about 350,000 unique users as of January 2009 (and growing fast)."
Coolspotters gets revenues -- from advertising and eCommerce -- out of what it believes to be the $300 billion online-retailing industry. According to LaBerge, "Most of our revenue comes from commerce transactions and brand advertising. Currently they are about equal, but commerce revenue continues to grow quickly. It's very clear that celebrities and public figures have a huge influence on a consumer's purchasing decisions."
Sounds cool to me. But does Coolspotters appeal to you? Have you used the site? If so, what do you think?
Peter Cohan is president of Peter S. Cohan & Associates. He also teaches management at Babson College. His eighth book is You Can't Order Change: Lessons from Jim McNerney's Turnaround at Boeing. He has no financial interest in the securities mentioned.
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Reader Comments (Page 1 of 1)
3-02-2009 @ 4:11PM
Tanner said...
I'm addicted.